Seven Eight Capital LP Buys New Position in Myriad Genetics, Inc. (NASDAQ:MYGN)

Seven Eight Capital LP acquired a new stake in Myriad Genetics, Inc. (NASDAQ:MYGN) in the second quarter, HoldingsChannel.com reports. The firm acquired 9,662 shares of the company’s stock, valued at approximately $236,000.

Several other large investors have also modified their holdings of MYGN. Hsbc Holdings PLC purchased a new position in Myriad Genetics during the 2nd quarter worth $680,000. Dimensional Fund Advisors LP raised its position in Myriad Genetics by 2.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,776,959 shares of the company’s stock worth $67,924,000 after acquiring an additional 75,445 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Myriad Genetics by 14.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 77,774 shares of the company’s stock valued at $1,902,000 after purchasing an additional 9,838 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Myriad Genetics by 1.5% during the second quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock worth $1,389,000 after buying an additional 846 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Myriad Genetics by 8.2% during the second quarter. American Century Companies Inc. now owns 50,805 shares of the company’s stock worth $1,243,000 after buying an additional 3,868 shares during the period. 99.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MYGN shares. Jefferies Financial Group reissued an “underperform” rating and set a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. Wells Fargo & Company started coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price objective on the stock. TD Cowen lifted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Scotiabank increased their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. Finally, Morgan Stanley started coverage on Myriad Genetics in a research report on Thursday, September 19th. They set an “equal weight” rating and a $32.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $28.91.

Insiders Place Their Bets

In related news, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the transaction, the director now directly owns 121,648 shares in the company, valued at approximately $3,290,578.40. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now directly owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Myriad Genetics Stock Down 2.6 %

Shares of Myriad Genetics stock opened at $26.93 on Tuesday. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. Myriad Genetics, Inc. has a twelve month low of $13.82 and a twelve month high of $29.30. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -9.55 and a beta of 1.92. The company has a fifty day moving average price of $27.50 and a 200 day moving average price of $24.16.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The firm had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. During the same quarter in the previous year, the company posted ($0.21) earnings per share. The firm’s revenue was up 15.3% on a year-over-year basis. Equities research analysts forecast that Myriad Genetics, Inc. will post -0.34 earnings per share for the current fiscal year.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.